Masonry Magazine April 1968 Page. 30
Washington Wire
Store sales have begun to show this. Autos are the obvious case in point. But other lines have been feeling the lift in consumer buying as well-more or less across-the-board.
CORPORATE PROFITS ARE RUNNING SOMEWHAT AHEAD OF EXPECTATIONS, according to the latest calculations of government statisticians. The trend appeared first in the last quarter of 1967. But it spilled into 1968's first period. Rising incomes and sales are one reason; consumers are spending more freely. Increases in prices have helped many companies compensate for rising costs. Productivity gains have contributed as well. New, modern plants are coming into production. And present operating rates are generally quite efficient.
The damping in activity that's on the way may take the bloom from the profits outlook. Sales could turn more sluggish, especially if a leveling in defense business slows income gains and makes the consumer feel a little less flush. But it could be 1969 before the rise in costs begins to slow. Profit margins could again feel some of last year's squeeze.
GOVERNMENT OFFICIALS ARE WATCHING THE MIDDLE EAST as the next source of big trouble for the U.S. You hear this repeatedly at agencies involved. It's not so much the Arab-Israeli conflict in itself, though that's a worry. Rather, it is the alarming penetration by Moscow. Its support of the Arab nationalists can lead to a miscalculation and a confrontation with the U.S.
American interests in the Mediterranean are far greater than in Viet Nam. For one thing there is the investment in oil. And the U.S. has important commitments to its NATO allies.
BUSINESSMEN ARE ADVISED TO TAKE SOME BASIC PRECAUTIONS in the event riots erupt in their areas this summer. The need is just as big relatively for small businesses as it is for large. Both can suffer substantial damage. A minimum recommendation: Make up a duplicate set of those company records that are vital to the firm's survival and to its continuance in operation. Then find a safe place in a separate location-e.g. the accountant's office.
Tax and payroll records should be among those stored away. Some even suggest a spot inventory as hot weather approaches. This may sound like a lot of bother especially since records must be kept up to date. But Detroit and Newark businessmen will tell you it may be a small price to pay for protection.
HOW LONG SHOULD YOU KEEP YOUR TAX RECORDS, once your return is done? Unfortunately, accountants will tell you, there is no simple rule of thumb. You must keep receipts, record books, etc., for (continued on page 36)
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masonry • April, 1968